Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oracle co-CEO Mark Hurd dies at 62

Published 10/18/2019, 05:12 PM
Updated 10/18/2019, 05:12 PM
© Reuters. FILE PHOTO: Oracle CEO Hurd speaks at Oracle Open World in San Francisco

© Reuters. FILE PHOTO: Oracle CEO Hurd speaks at Oracle Open World in San Francisco

By Vibhuti Sharma and Neha Malara

(Reuters) - Oracle Corp's (N:ORCL) 62-year-old co-chief Mark Hurd died on Friday morning, the company said, an unexpected development that raises pressure on co-CEO Safra Catz to lead the business software maker's ongoing transition to cloud computing.

Last month, Hurd went on a medical leave for unspecified health reasons, while Catz and founder Larry Ellison took over his responsibilities during the absence.

The company has not given details about the cause of death.

"Oracle has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at Oracle," Ellison wrote in an email to company employees.

Hurd and Catz were named co-CEOs in 2014, after Ellison decided to step aside to focus on his role as chief technology officer.

Under their tenure, Oracle has been aggressively pushing into cloud computing to make up for a late entry into the fast-growing business dominated by Microsoft Corp (O:MSFT) and Amazon.com Inc (O:AMZN).

Last month, the company missed revenue estimates.

Wedbush Securities analyst Steve Koenig said he does not see any changes in how the company will be run after Hurd's demise.

"Safra and Larry have been long-time collaborators and partners in leading Oracle, and the company has a deep bench of sales talent."

Hurd joined Oracle as co-president in September 2010, a month after he was ousted in a controversial fashion from Hewlett-Packard Co, where he had been chief executive since 2005.

Hurd resigned from HP in August 2010 after allegations of sexually harassing an employee. An internal probe later cleared him of those charges, though it found him guilty of filing inaccurate expense reports. (https://reut.rs/2P14d7Y)

Long-time friend Ellison stood up for Hurd in an email to New York Times, calling Hurd's removal the "worst personnel decision since the idiots on the Apple (NASDAQ:AAPL) board fired Steve Jobs many years ago".

When Hurd and Catz were named co-CEOs in 2014, analysts were skeptical about the dual CEO structure. However, cloud software giants like Salesforce.com Inc (N:CRM) have followed suit.

Catz, trained in finance and law, was a Wall Street banker from 1986 until she joined Oracle in 1999 and has been a central figure in Oracle's many acquisitions.

© Reuters. FILE PHOTO: Oracle CEO Hurd speaks at Oracle Open World in San Francisco

Sales-oriented Hurd spent 25 years at computer and ATM pioneer NCR Corp before joining HP.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.